Mind and Destiny

“I make no pretension to patriotism. So long as my voice can be heard ... I will hold up America to the lightning scorn of moral indignation. In doing this, I shall feel myself discharging the duty of a true patriot; for he is a lover of his country who rebukes and does not excuse its sins. It is righteousness that exalteth a nation while sin is a reproach to any people.”- Frederick Douglass

Location: Delhi, N.Y., United States

The author and his webmaster, summer of 1965.

Wednesday, May 03, 2017

A Progressive Idea

On May 4, 2005, Lou Dobbs interviewed Warren Buffett, who at the time was the second wealthiest man in the world.  Dobbs asked about Social Security.  Buffett replied: "I personally would increase the taxable base above the present $90,000.  I pay very little in the way of SS taxes." 

Dobbs commented: "What a progressive idea, the rich people pay more."

Buffett explained: "The rich people are doing so well in this county, I mean we never had it so good... It's class warfare, my class is winning, but they shouldn't be."

Buffett added: "The rich are winning.  Just take the estate tax, less than 2 percent of all the estates pay any estate tax.  We raise $30 billion from estate taxes.  I would like to hear a Congressman say who they are going to get the $30 billion from if they don't get it from estate taxes.  It's nice to say... wipe out this tax, but we're running a huge deficit, so who does the $30 billion come from?"

Today, the federal estate tax is only paid by estates worth at least $5.5 million.  Trump’s budget would result in the loss of an additional $174 billion, by eliminating estate and gift taxes, in order to boost the inheritances of millionaires and billionaires.  Assuming Trump is worth the $10 billion he claims, the change could give Trump’s heirs a tax break of billions of dollars.

America should spend less on its military, whose primary mission is to increase and protect the assets of the very wealthy.  We should stop giving tax breaks to the very wealthy, and most importantly stop electing deceitful politicians.

Trickle-down economics doesn’t work.  More money in the hands of poor and middle-class consumers has historically proven to work. 


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